Canada’s House of Commons Standing Committee on Industry and Technology has released a set of policy recommendations calling for the government to set up a national blockchain strategy. The committee’s report, which followed a government-mandated study of blockchain technology, includes a call for future policy on digital assets to be guided by the principle that individuals’ right to self-custody should be protected and that ease of access to safe and reliable on- and off-ramps should be defended and promoted.
The committee is urging the government to recognize the blockchain industry’s significant long-term economic and job creation opportunities and to set up a bespoke regulatory regime for stablecoins that distinguishes them from other crypto assets. Other recommendations include regulations for crypto custody platforms, measures to allow blockchain firms to access banking services, and fair taxation of crypto mining activities.
While many emphasized Canada’s strong regulatory safeguards, such as provincial securities regulation and federal anti-money laundering and anti-terrorism financing obligations, witnesses stated that governments need to partner with industry to better understand this rapidly evolving sector and enact regulations that protect consumers without unnecessarily hindering innovation, the committee said in its report.